Ford Shares Plunge After Q2 Earnings

Ford Motor Company F shares are down after reporting a second-quarter earnings miss.

Second-quarter adjusted earnings came in at 28 cents per share, missing estimates by 3 cents. Sales came in at $38.85 billion, beating estimates by $3.65 billion.

Ford's adjusted EPS figure excluding a mark-to-market valuation adjustment for its Pivotal Software stake would be 32 cents.

The company sees adjusted 2019 earnings of $1.30-$1.35 versus a $1.39 estimate.

“Midway through this key year of action, we are pleased with the progress we are making toward creating a more dynamic and profitable business,” said Jim Hackett, Ford president and CEO. “In this time of profound change in our industry, Ford has amazing opportunities to delight customers, innovate and collaborate in new ways, and create value.”

Highlights

• Automotive EBIT increased 19% year-over-year
• Outside North America, EBIT improved 46%
• North America revenue was up 1%

Ford shares traded down 6% to $9.74 in the after-hours session. The stock closed at $10.33.

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